I'd like to have your opinion about the


The increased uncertainty around Avaya's future is causing more and more enterprises to look at alternatives.

the increased uncertainty around avaya's future is causing more and more enterprises to look at alternative


into internal turnover to use this fiber in our own cable manufacturing


And with the vacancy where it's at some of them have sort of come up against constraints and even taken up space in

and with the vacancy where it's at some of them have sort of come up against constraints and even taken up space in


that allows us to train all individuals on a real culture of taking care of each other.


and operational synergies as well, as we integrate the facility in the Czech Republic

and operational synergies as well as we integrate the facility in the czech republic


any overall softness? Or is that just because those -- you're looking at those events as if they were flat?

any overall softness or is that just because those -- you're looking at those events as if they were flat


have declined to a more normalized level


in improving and enhancing both diagnosis, but have also of course addressing misdiagnosis. And

in improving and enhancing both diagnosis but also of course addressing misdiagnosis and


So turning now to look at profit from trading operations in a bit more detail.

so turning now to look at profit from trading operations in a bit more detail


This also explains the growth of the noncurrent financial liabilities.

this also explains the growth of the noncurrent financial liabilities


Let me continue with more details on the premium and fee income development.

let me continue with more details on the premium and fee income development


Looking at the individual months and excluding our stations in Los Angeles and Terre Haute,

looking at the individual months and excluding our stations in los angeles and terahost


The decrease in tax expense was a result of higher operating income

the decrease in tax expense was a result of higher operating income


We have an excellent brand name, leading technology and reputation in the automotive industry.

we have an excellent brand name leading technology and reputation in the automotive industry


We are in the midst of selecting an exchange and plan to relist after launching our new brand.

we are in the midst of selecting an exchange and plan to relist after launching our new brand


Based on current exchange rates and the positive currency impact realized year-to-date,

based on current exchange rates and the positive currency impact realized year-to-date


and it's created a situation where we can access alternative forms of capital at a lower,


as we've highlighted in the past, we continue to have one of the lowest leveraged balance sheets in the industry.

and as we've highlighted in the past we continue to have one of the lowest leverage balance sheets in the industry


I think they're all going to have to change their comp plans. I think there's a possibility

i think they're all going to have to change their comp plans i think there's a possibility


we feel that the economy is doing very well. We don't see any cracks in any part of our business

we feel that the economy is doing very well we don't see any cracks in any part of our business


but underlying constant currency results are more reflective of the actual growth trends.


And while we're continuing that at a healthy pace of over 100 basis points

and while we're continuing that at a healthy pace of over 100 basis points


As we discussed during last quarter's conference call, on 2 of the 5 projects,

as we discussed during last quarter's conference call on 2 of the 5 projects


the resources are attained, and we're going to move this thing forward. So again, I don't want to comment on anything specifically.

the resources are retained and we're going to move this thing forward so again i don't want to comment on anything specifically


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


On a per share basis, this represents an increase of 4% over the first quarter of this year

on a per share basis this represents an increase of 4% over the first quarter of this year


We're seeing a number of promising opportunities and continue to add targets to our pipeline.

we're seeing a number of promising opportunities and continue to add targets to our pipeline


wouldn't be able to comment unless such time we had a client who wanted us to comment on that.

wouldn't be able to comment and unless such time we had a client who wanted us to comment on that


any indication as to what momentum is in terms of flows during the first half of the year? Campbell?


We are also collecting at record levels through the legal channel because of operational enhancements we've made.

we are also collecting at record levels through the legal channel because of operational enhancements we've made


on Q3, we may have gotten our balance a little bit off. And we're course correcting that balance. So

we may have gotten our balance a little bit off and we're course correcting that balance so


Growth was driven by insecticides, including the return of Vydate volumes.

growth was driven by insecticides including the return of vitate volumes


and expanded our federal footprint with the addition of the Defense Acquisition University,

and expanded our federal footprint with the addition of the defense acquisition university


We are in the early stages of evaluating opportunities and we will keep you updated as they unfold.

we are in the early stages of evaluating opportunities and we will keep you updated as they unfold


We are also continuing our relentless focus on the productivity of capital employed in our business.

we are also continuing our relentless focus on the productivity of capital employed in our business


And my second question is just a point of confirmation. So as you recover the profit,

and my second question is just a point of confirmation so as you recover the profit


anniversary the program, you have to make it more enticing to the customer that's been with you

anniversary the program you have to make it more enticing to the customer that's been with you


Everywhere else, where we are not strong yet, there is a growth focus on Health.

everywhere else where we are not strong yet there is a growth focus on health


All of the KPIs that we have published this year are either

all of the kpis that we have published this year are either


Moving to dividends. The board has declared, as Rob mentioned earlier,

moving to dividends the board has declared as rob mentioned earlier


in the form of new work versus the form of rebid. And I think as I might have mentioned on my call notes,

in the form of new work versus the form of rebid and i think as i might have mentioned on my call notes


The one thing we do say about our cash burn is that we anticipate our cash

the one thing we do say about our cash burn is that we anticipate our cash


and you've got this movement from call it the lab space into more of a commercial application.

and you've got this movement from i'll call it the lab space into more of a commercial application


with potential infusion reactions. So from our early data, we were able to define the

with potential infusion reactions so from our early data we were able to define the


Although we continue to pursue a number of attractive investment opportunities, specifically in the reentry space

although we continue to pursue a number of attractive investment opportunities specifically in the reentry space


Excluding this impact, we continue to expect CAP operating margin to be moderately higher year-over-year.

excluding this impact we continue to expect cap operating margin to be moderately higher year-over-year


you talked about you've got content in so many different moving pieces and so many different areas.

you talked about you've got content in so many different moving pieces in so many different areas


With our existing Axon capabilities, we have been able to reduce the time it takes to redact 1 hour of video

with our existing axon capabilities we have been able to reduce the time it takes to redact 1 hour of video


The company ranked highest among large Electric Utilities in the Eastern United States.

the company ranked highest among large electric utilities in the eastern united states


Just given some of the implied diversification, either in terms of customer or product sales mix within

just given some of the implied diversification either in terms of customer or product sales mix within


is reasonably good and there's good Roofing activity, which typically supports a little bit more stable pricing. And as a result,

is reasonably good and there's good roofing activity which typically supports a little bit more stable pricing and as a result


kind of had a double effect on the negative for us, needless to say, because of this Rhine River effect

kind of had a double effect on the negative for us needless to say because of this rhine river effect


So this is a constant effort on our part. And we survey our customers.

so this is a constant effort on our part and we survey our customers


To be very clear, this is all behind us. We resumed normal operations globally. We're going full speed.

to be very clear this is all behind us we've resumed normal operations globally we're going full speed


I think if you look at the cash being generated from

i think if you look at the cash being generated from


how we allocate capital to the growth of TLLP that creates the most value, whether it be through

how we allocate capital to the growth of tlcp that creates the most value whether it be through


These increases were partially offset by increased gains on the conveyances of mineral interests.

these increases were partially offset by increased gains on the conveyances of mineral interests


I wonder also about narrow bodies, if anything positive is going on there or if that's flat also.

i wonder also about narrow bodies if anything positive is going on there or if that's flat also


during the late holiday season in the fourth quarter and continuing into the first quarter.


whether we can maybe assume it's going to continue for the rest of the year, or whether this is kind of a transitory effect.

whether we can maybe assume it's going to continue for the rest of the year or whether this is kind of a transitory effect


But I do expect we'll continue to look at things on a regular basis as we've been doing even here in April.

but i do expect we'll continue to look at things on a regular basis as we've been doing even here in april


going through H1, both of these will flip, once our investment program has been completed.

going through h1 both of these will flip once our investment program has been completed


okay, and they're doing well. But I just -- I don't want to be ahead of the game,

okay and they're doing well but i just -- i don't want to be ahead of the game


I really have very few. I appreciate everyone's interest in listening to the progress of First Merchants.

i really have very few i appreciate everyone's interest in listening to the progress of first merchants


value we see in that scheduling process and that underlying scheduling technology.


Given the runup in the markets and the benefit we're seeing from our assumption updates, we see this as a good opportunity to revisit

given the run-up in the markets and the benefit we're seeing from our assumption updates we see this as a good opportunity to revisit


the tax reform and the impacts on the margin and then the first quarter also has a lower day count,


As part of our introductory launch, we have conducted extensive sales force training

as part of our introductory launch we have conducted extensive sales force training


This is an ideal first product for them to have since it does so many different things. So

this is an ideal first product for them to have since it does so many different things so


In general, we require larger down payments on more expensive homes to manage our exposures.

in general we require larger down payments on more expensive homes to manage our exposures


product has to compete against. And so those things all play together to come up ultimately with what

product has to compete against and so those things all play together to come up ultimately with what


One can only talk about the spectacular improvements to these operations.

one can only talk about the spectacular improvements to these operations


and we've also seen an acceleration of early repayments, particularly in certain sectors.

and we've also seen an acceleration of early repayments particularly in certain sectors


so things are moving forward very much according to plan that we laid out at Investor Day.

so things are moving forward very much according to plan that we laid out at investor day


And as we look at how this business gets incorporated into our

and as we look at how this business gets incorporated into our


a pickup in order activity in the International business. And I'm

pickup in order activity in the international business and


at Cedar Bayou, which is one of the largest and most energy-efficient crackers in the world.

at cedar bayou which is one of the largest and most energy-efficient crackers in the world


Let me share with you why we have confidence that our plans on the core brands are working.

let me share with you why we have confidence that our plans on the core brands are working


Based on this, we aim at rebalancing the resource and non-resource businesses.

based on this we aim at rebalancing the resource and non-resource businesses


For profit, some upside, Avionics and Solutions

for profit some upside avionics and solutions


Most important though for this presentation, I think is that we continue to deliver on our strategy,

most important though for this presentation i think is that we continue to deliver on our strategy


But I -- predicting where the values will fall out on the value chain is always hard.

but predicting where the values will fall out on the value chain is always hard


after considering the current situation and our future objectives, we must

after considering the current situation and our future objectives we must


We will also enhance business scale in Europe through acquiring new capacity.

we will also enhance business scale in europe through acquiring new capacity


and that has a lot to do with, again, just a lot more meat and a lot more hogs

and that has a lot to do with again just a lot more meat and a lot more hogs


Our Engineering division continues to do very well. Revenues and gross profit

our engineering division continues to do very well revenues and gross profit


our Canadian business is really doing a great job and continues to grow clients as well

our canadian business is really doing a great job and continues to grow clients as well


Together, these improvements will dramatically improve the guest experience this season and for years to come.

together these improvements will dramatically improve the guest experience this season and for years to come


by designing and developing product to support our customers ahead of the technology curve.


We feel that we have the right level of inventory. We have the right plans in place.

we feel that we have the right level of inventory we have the right plans in place


we all survived them. All governments have again a ruling

we all survived them all governments have again a ruling


The room and board payments of ground students continue to drive up the annual revenue per student number.

the room and board payments of ground students continue to drive up the annual revenue per student number


I'd now like to talk more about our indirect sales channel of domestic and international distributors.

i'd now like to talk more about our indirect sales channel of domestic and international distributors


We remain committed to our shareholders, as demonstrated by our reliable and growing dividend.

we remain committed to our shareholders as demonstrated by our reliable and growing dividend


broadening your search for what kind of assets you would have partners invest in? Or can you give any

broadening your search for what kind of assets you would have partners invest in or can you give any


The chart below shows the third quarter performance for our California merchant combined cycle fleet.

the chart below shows the third quarter performance for our california merchant combined cycle fleet


The composites business is also realizing nice growth in its mobile solutions product line

the composites business is also realizing nice growth in its mobile solutions product line


on 7 of those 8 pads, we've seen production uplift in those parent wells.

on 7 of those 8 pads we've seen production uplift in those parent wells


This concludes today's conference call. You may now disconnect.

this concludes today's conference call you may now disconnect


Our net pension and OPEB liability on our balance sheet decreased

our net pension and opeb liability on our balance sheet decreased


our customers in getting energy to their customers and operations across the country.


But then on the capital side, we think that it is just seasonality that will pull us back a little bit and then start

but then on the capital side we think that there's just seasonality that will pull us back a little bit and then start


we think there's more upside than downside in the event that the administration


and how big is that margin potential over time. And then lastly, I just note that this builds on

and how big is that margin potential over time and then lastly i just note that this builds on


If they change something then yes, the commissions will decide how fast the tax benefits do get

if they change something then yes the commissions will decide how fast the tax benefits do get


Therefore, it has been determined that the current collaboration will focus solely

therefore it has been determined that the current collaboration will focus solely


We are optimizing the fleet. All of this brings us back to the value proposition.

we are optimizing the fleet all of this brings us back to the value proposition


This, combined with the significant investments we have made in internal process and analytical development,

this combined with the significant investments we've made in internal process and analytical development


We remain on track with our long-term pricing and margin improvement expectations.

we remain on track with our long-term pricing and margin improvement expectations


Our prior infrastructure would have been harder to change and also more expensive.

our prior infrastructure would have been harder to change and also more expensive


We are actively managing operating expenses and demonstrating significant operating leverage.

we're actively managing operating expenses and demonstrating significant operating leverage


I know we're hearing from a lot of folks, it's just a struggle to find good people and at the right price. And

i know we're hearing from a lot of folks it's just a struggle to find good people and at the right price and


the relevance of the project in -- 6 weeks ago at one of the

the relevance of the project in 6 weeks ago at one of the


And then you've got the -- both the South Korean market as well as the India market

and then you've got both the south korean market as well as the india market


and are providing information on these activities in connection with the Twirla review process.

and are providing information on these activities in connection with the twilio review process


The team achieved this while maintaining a 0 pay average per gallon.

the team achieved this while maintaining a 0 pay average per gallon


From our perspective, we've started our stakeholder engagement to make sure that we're feeding into that strategy document in a timely fashion.

from our perspective we've started our stakeholder engagement to make sure that we're feeding into that strategy document in a timely fashion


to hire an outside psychometrician, a third party to evaluate this process. Now

to hire an outside psychometrician a third party to evaluate this process now


On Thursday last week, I was named to the newly created role of Executive Chairman.

on thursday last week i was named to the newly created role of executive chairman


so if you imagine we have this layer of all these disparate systems, different platforms and all our businesses,

so if you imagine we have this layer of all these disparate systems different platforms in all our businesses


So it should be a good idea to come to Humana. Okay,

so it should be a good idea to come to a mind


and well equipped to compete in an increasingly crowded market.


we are happy to see a continued overall improvement in our client satisfaction scores this quarter.


The quarter saw a very successful implementation of the new TRID regulations in all our regions.

the quarter saw a very successful implementation of the new trid regulations in all our regions


The decrease reflects lower used vehicle pricing, partially offset by higher volumes.

the decrease reflects lower used vehicle pricing partially offset by higher volumes


in our top-tier retail business, in addition to low cost of debt from a very strong balance sheet.

in our top-tier retail business in addition to low cost of debt from a very strong balance sheet


honestly, it was kind of a nice surprise coming out of the fourth quarter and hopefully continues to be

honestly it was kind of a nice surprise coming out of the fourth quarter and hopefully continues to be


We anticipate raw material costs could further increase in the first quarter

we anticipate raw material costs could further increase in the first quarter


add a little bit more color as to how we should think about the cost challenge as it relates to


As I discussed on our last investor call, the company has embarked on several

as i discussed on our last investor call the company has embarked on several


which is in line with normal seasonal patterns and consistent with our plan and expectations.


that we're deploying our resources where we can accelerate and we can ultimately get the returns


in the first part of the quarter and we're encouraged by that.


The EBIT more than doubled as did the income tax level, which left a net income

the ebt more than doubled as did the income tax level which left a net income


And so -- and part of that is, we've also built databases and

and so -- and part of that is we've also built databases and


and we expect to close the first transactions either late this quarter or early in the fourth quarter.

and we expect to close the firm's transactions either late this quarter or early in the fourth quarter


there are definitely more companies for sale than in the first half of a cycle.


which had caused considerable increases in trading volume in the FX market.

which had caused considerable increases in trading volume on the fx market


And so that's something that we will need to address and will need to improve upon,


a substantially higher quality of earnings, more diversified earnings.

a substantially higher quality of earnings more diversified earnings


and senior investments across both lower middle market and middle market companies.


and I don't see Swift probably ever having as big a

and i don't see swift probably ever having as big a


So am I thinking about the commercial impact of that publication,

so am i thinking about the commercial impact of that publication


the backlog in our Aerospace business tends to be impacted quite a bit from timing.

the backlog in our aerospace business tends to be impacted quite a bit from timing


These 3 pillars are also the areas in which external growth opportunities

these 3 pillars are also the areas in which external growth opportunities


So I guess my question is, in the context of you talking about white space and acquisitions,

so i guess my question is in the context of you talking about white space and acquisitions


had, then this puts the whole thing into a relation which is understandable.


That's why it's so crucial to elevate the quality of the customer service in all of our restaurants.

that's why it's so crucial to elevate the quality of the customer service in all of our restaurants


that we made clear on the last call the strategic review process is well advanced.


And so what happens is the cream in the milk is much more valuable than it was a year or so ago.

and so what happens is the cream and the milk is much more valuable than it was a year or so ago


looking at various ways of reporting this business separately for a long time.


than we did because of the customer base that we call on.


Previously, Ray was instrumental in establishing a turnaround strategy for E-Systems,

previously ray was instrumental in establishing a turnaround strategy for e-systems


Thank you to everyone for attending today. This will conclude today's call, and you may now disconnect.

thank you to everyone for attending today's this will conclude today's call and you may now disconnect


so that we can once again quickly delever back to our targeted leverage range.


Our TrojanLabel team is excited that we now have a way to enter into this dynamic market.

our trojan label team is excited that we now have a way to enter into this dynamic market


which I talked about earlier today, and I referred to in the last few calls.

which i talked about earlier today and i've referred to in the last few calls


with a single test menu and a uniform service offering by the fourth quarter.


But I would say that, for the most part, they are all performing as expected.

but i would say that for the most part they are all performing as expected


Can you talk about what do you expect the relative growth rate between your gas panels and chemical delivery products

can you talk about what you expect the relative growth rate between your gas panels and chemical delivery products


We will stay within our strategic strengths of fluid dynamics in the semiconductor market space,

we will stay within our strategic strengths of fluid dynamics in the semiconductor market space


to decide what works best for each one of -- for their individual accounts.


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


and what we do is if something looks like the acquisition cost per order is


it is always a little bit choppy, especially when you're talking about large projects,

it is always a little bit choppy especially when you're talking about large projects


longer-term kind of perspective on how you're thinking about your raw material chain? Because

longer term kind of perspective on how you're thinking about your raw material chain because


Both were one-off the events compensating for the continued pressure from the low interest rate environment,

both were one-off events compensating for the continued pressure from the low interest rate environment


We did fail to come through the CCAR process for our small trust bank successfully,

we did fail to come through the ccar process for our small trust bank successfully


but the fact that we already have the second make-line physically there in all our restaurants

but the fact that we already have the second make line physically there in all our restaurants


done at that speed and then we can innovate on that foundation or that platform.


This market environment led to a group revenue

this market environment led to a group revenue


A brand new Acura model named the CDX was launched in China in July.

a brand new acura model named the cdx was launched in china in july


They were no issues related to safety that came up in the meeting.

there were no issues related to safety that came up in the meeting


I'm just wondering what you're seeing in apparel, which has obviously been a more difficult category for everyone globally.

so i'm just wondering what you're seeing in apparel which has obviously been a more difficult category for everyone globally


which pay fees in excess of our firm average and 1 less day in the quarter.

which pay fees in excess of our firm average and one less day in the quarter


We appreciate you taking the time to pay attention to our business on which we continue to make improvements.

we appreciate you taking the time to pay attention to our business on which we continue to make improvements


Let me now make a few points on the third quarter before handing it over to Stan.

let me now make a few points on the third quarter before handing it over to stan


However, we're going to do the best we can here to give you an estimate of the range of that impact,

however we're going to do the best we can here to give you an estimate of the range of that impact


and we have successfully established a reputation as one of the very best in this space.


the impact of the step down in third quarter of this year and in third quarter of next year,

the impact of the step-down in third quarter of this year and the third quarter of next year


in terms of costs despite the fact that


its privileged users, providing us with meaningful expansion opportunity over the coming quarters and years.

of its privileged users providing us with meaningful expansion opportunity over the coming quarters and years


and we've been, as we've previously stated, making changes within the dental organization to senior management.

and we've been as we previously stated making changes within the dental organization to senior management


In U.K., we continue to demonstrate our ability to grow a profitable business

in the u k we continue to demonstrate our ability to grow a profitable business


policies versus wind versus other, and then the average premiums in each of those buckets?

policies versus wind versus other and then the average premiums in each of those buckets


While our Depositary Receipts revenue was lower due to volumes and the timing of corporate actions,

while our depository receipts revenue was lower due to volumes and the timing of corporate actions


We would expect to be in a position to provide more commentary around our growth opportunities then as well.

we would expect to be in a position to provide more commentary around our growth opportunities then as well


I think the key thing if you look at it against the comparators, I think the previous year was particularly strong,

i think the key thing if you look at it against the comparatives i think the previous year was particularly strong


hopefully that provides a lot of insight to everyone on the phone because like I said, I

hopefully that provides a lot of insight to everyone on the phone because like i said i


In terms of the current fleet composition, is there any particular segment that you'd like to continue to enhance

in terms of the current fleet composition is there any particular segment that you would like to continue to enhance


and the balance was the result of solid performance in EMEA and favorable currency.

and the balance was the result of solid performance in emea and favorable currency


It has shares on all our key engine programs, particularly the newer engine programs

it has shares on all our key engine programs particularly the newer engine programs


We look carefully at repricing risk in our loan portfolio and the securities portfolio.

we look carefully at repricing risk in our loan portfolio and the securities portfolio


November this year, which will bring some more international points within range.

november this year which will bring some more international points within range


So -- and you mentioned something about not being in the market for distressed assets.

so -- and you mentioned something about not being in the market for distressed assets


However, we expect to leverage these investments as we lap initial cost and grow sales.

however we expect to leverage these investments as we lap initial costs and grow sales


Robert will discuss the details of the higher incentive revenues in his prepared remarks.

robert will discuss the details of the higher incentive revenues in his prepared remarks


and the ships are therefore in the further phase of their construction.

and the ships are therefore in a further phase of their construction


I'm pleased to share with you that we now have made further improvements, making sure we can double

i'm pleased to share with you that we now have made further improvements and can show we can double


As is the case each year, we said that we would continue to make progress toward our goal of creating an injury-free workplace.

as is the case each year we said that we would continue to make progress toward our goal of creating an injury-free workplace


fund organic growth through customer acquisition and technology innovation


that will increase the supply of natural gas to the New York City area by about 400 million a day.

that will increase the supply of natural gas to the new york city area by about 400 million a day


But obviously, the bank will be significantly more profitable as a result of tax reform

but obviously the bank will be significantly more profitable as a result of tax reform


because it's really there starting in the fourth quarter here that we'll start to see the opportunity


we think that the rest of the country will probably have a good performance during the calendar year.


We view this as an opportunity to begin relationships and deepen them over time.

we view this as an opportunity to begin relationships and deepen them over time


You can see the key metrics in terms of where the actual results have landed for the first 6 months.

you can see the key metrics in terms of where the actual results have landed for the first 6 months


in this time. Because of high prices in China, which there's a difference of about

in this time because of high prices in china which there's a difference of about


I think the investments we've been making to, if you will, put these capabilities

i think the investments we've been making to if you will put these capabilities


income and margins were down only modestly as the segment delivered on better internal execution.


and secondly, providing superior cost effectiveness due to a very low mask count,

and secondly providing superior cost effectiveness due to a very low mask count


The majority of the advertising reductions came from the Jennie-O Turkey Store segment.

the majority of the advertising reductions came from the jennie-o turkey store segment


Accordingly, in the quarter, we ramped our spend in several key strategic investment areas

accordingly in the quarter we ramped our spend in several key strategic investment areas


Our expectation is that the second half of the year will be significantly stronger than the first

our expectation is that the second half of the year will be significantly stronger than the first


This is a market Stanley is very familiar with and I cannot think of a better person qualified

this is a market stanley is very familiar with and i cannot think of a better person qualified


As you may know, we do not register an inflow until there is activity in the account.

as you may know we do not register an inflow until there is activity in the account


we feel comfortable with where we are in that position, so I have no assumption on using excess capital at all.

we feel comfortable with where we are at that position so i have no assumption on using excess capital at all


but also being aware of the time when you will enter this narrative in the clinic,


probably more research, which will probably help the pharmacists better counsel on them.

probably more research which will probably help the pharmacists better counsel on them


As expected, our home, appliance and personal care business started slowly.

as expected our home appliance and personal care business started slowly


is the recurring-revenue type of agreement. So you don't see a revenue pop in the quarter. You see that come

is a recurring revenue type of agreement so you don't see a revenue pop in the quarter you see that come


did not achieve their primary endpoints, and therefore, we won't be moving forward with these indications.

did not achieve their primary endpoints and therefore we won't be moving forward with these indications


because this doesn't only work one way. One of the beauties of derivatives is

because this doesn't only work one way one of the beauties of derivatives is


the nature of our business is that fee rates go down within mandates as they grow out to scale,


Now to begin a review of our business segment results, I'll turn the call over to Corning.

now to begin the review of our business segment results i'll turn the call over to corning


certain key elements of intellectual property that they bring to the table


We have 2 main priorities when we look into operation, the most important one is within safety.

we have 2 main priorities when we look into operation the most important one is within safety


We took decisive action in the first quarter on things we can control, including our balance sheet,

we took decisive action in the first quarter on things we can control including our balance sheet


We've hired a lot of talented bankers across all of our businesses and see great opportunities.

we've hired a lot of talented bankers across all of our businesses and see great opportunities


What about the acquisition of the asset in Poland? What was the consideration?

what about the acquisition of the asset in poland what was the consideration


for the many trucks that we got across the gas and the liquid systems, we're looking at that and looking to

for the many trucks we've got across the gas and the liquid systems we're looking at that and looking to


We are currently evaluating our refinancing options and expect to provide updates on future calls.

we are currently evaluating our refinancing options and expect to provide updates on future calls


And to the best of my knowledge, it's dependent on

and to the best of my knowledge it's dependent on


I would now like to provide an overview of the comparable store sales trends we experienced during the quarter.

i would now like to provide an overview of the comparable store sales trends we experienced during the quarter


Tires are an important part of Monro's business, given that they represent half of our sales,

tires are an important part of monro's business given that they represent half of our sales


Once integrated, this acquisition will more than double Calpine's existing retail load nationally.

once integrated this acquisition will more than double calpine's existing retail load nationally


At the same time, there remains a high level of uncertainty in many countries.

at the same time there remains a high level of uncertainty in many countries


The ASP change was attributed to customer and product mix, including a smaller percentage

the asp change was attributed to customer and product mix including a smaller percentage


We're managing in a prudent way and we're confident about our ability to continue to achieve earnings growth

we're managing in a prudent way and we're confident about our ability to continue to achieve earnings growth


So it's a good time for us, and we expect things to ramp up at an accelerated pace.

so it's a good time for us and we expect things to ramp up at an accelerated pace


we are focusing more on short-term trade finance, we do not expect a major negative

we are focusing more on short-term trade finance we do not expect a major negative


I would also like to remind everyone that all figures are being quoted in U.S. dollars, unless otherwise stated.

i would also like to remind everyone that all figures are being quoted in u s dollars unless otherwise stated


These include the full effect of changes in the fair market value of warrants we issued to Amazon

these include the full effect of changes in the fair market value of warrants we issued to amazon


Looking ahead, we will not take our foot off the gas in the Legacy Conagra business.

looking ahead we will not take our foot off the gas in the legacy conagra business


and will deliver new revenues in FY '19 and beyond as these projects are commissioned.

and will deliver new revenues in fy '19 and beyond as these projects are commissioned


And we probability weigh what we think is going to happen and the time frame we think it's going to happen in. And

and we probability weight what we think is going to happen in the time frame we think it's going to happen in and


Well, since earlier this year, we've had a change

well since earlier this year we've had a change


We have reduced our annual operating expenses from fiscal 2014 to

we have reduced our annual operating expenses from fiscal 2014 to


that? And do you have any plans for how much you will own?


So we have significant capital investments and growth opportunities and a commitment to increase the dividend now.

so we have significant capital investments and growth opportunities and a commitment to increase the dividend now


I think this is a reasonably balanced estimate actually from what we see from customers.

i think this is a reasonably balanced estimate actually from what we see from customers


Adjusted operating margins are anticipated to remain in the mid- to high teens

adjusted operating margins are anticipated to remain in the mid- to high teens


And the other one was, we are struggling to maintain the skills

and the other one was we are struggling to maintain the skills


The second positive influence on the margin will be with the reduction in our cost of money. The CoCo is a very obvious example,

the second positive influence on the margin will be the reduction in our cost of money the cocoa is a very obvious example


your assessment is correct. Strategic investment that is made

your assessment is correct a strategic investment that is made


So we will build more homes passed and add more home subscriber than initially targeted for this year.

so we will build more homes past and add more home subscribers than initially targeted for this year


net interest expense in the first quarter was essentially unchanged on a sequential basis.


Our hunters have gone from just a handful a few years back

our hunters have gone from just a handful a few years back


We expect these cost pressures to ease as we go through the remainder of the year.

we expect these cost pressures to ease as we go through the remainder of the year


nowadays. So that's not our threshold. Our threshold is, can we return

nowadays so that's not our threshold our threshold is can we return


We also believe the Catarina transaction provides a solid foundation for next year's business activity.

we also believe the catarina transaction provides a solid foundation for next year's business activity


over the last 3, 4 years, there have been a lot of global commencing factories which have shut down,

over the last 3 4 years there have been a lot of global commencing factories which have shut down


the owned brands, are they now at a level in terms of penetration where you're getting a margin benefit from

the owned brands are they now at a level in terms of penetration where you're getting a margin benefit from


not trying to dismiss your point, but not much I can do about it now because it's just too much good news.

not trying to dismiss your point but not much i can do about it now because it's just too much good news


But so much of the cash and earnings contribution comes from the renewal commissions.

but so much of the cash and earnings contribution comes from the renewal commissions


Let me comment on each of these factors and what we are doing to improve our performance.

let me comment on each of these factors and what we are doing to improve our performance


We continue to seek new opportunities in the aviation business outside of Singapore

we continue to seek new opportunities in the aviation business outside of singapore


and as well capitalize on the commercial and industrial synergies in selected regions to support the growth of our company.


I will begin with the overall earnings results starting with sales and operating profit.

i will begin with the overall earnings results starting with sales and operating profit


We are seeing steady progress with digital payments despite the recent remonetization of cash.

we are seeing steady progress with digital payments despite the recent remonetization of cash


Fiscal 2017 turned out to be a pivotal year for us in terms of realizing gains

fiscal 2017 turned out to be a pivotal year for us in terms of realizing gains


Acquisition, retention and training of talent is a major focus.

acquisition retention and training of talent is a major focus


So now we are down to the final machinations of the deal, which we expect to close within the next couple of weeks.

so now we are down to the final machinations of the deal which we expect to close within the next couple of weeks


and it's at the right price, and I emphasize, it's at the right price, fair value or even higher,

and it's at the right price and i emphasize it's at the right price fair value or even higher


of cash that's restricted or trapped in countries. When you think about the point to trigger

of cash that's restricted or trapped in countries when you think about the point to trigger


I'd like to caution all participants that today's call may contain statements related to our business

i'd like to caution all participants that today's call may contain statements related to our business


Looking ahead, we anticipate refinancing 2 commercial mortgages as part of a transaction

looking ahead we anticipate refinancing 2 commercial mortgages as part of a transaction


And we continued executing the restructuring that was announced in early January.

and we continued executing the restructuring that was announced in early january


In this slide, we have presented a picture of where we sit today and the revenue potential as we increase our product.

in this slide we have presented a picture of where we fit today and the revenue potential as we increase our product


These much-improved results are reflected in our financials in a number of different ways.

these much improved results are reflected in our financials in a number of different ways


a decent top line upgrade driven primarily by the temporary benefits in China for liquid crystals.

a decent top line upgrade driven primarily by the temporary benefits in china for liquid crystals


whereby there's a huge opportunity focusing on growing segments


the original virulence and if we've overcome the issue of growing it in Vero cells

the original virulence and if we've overcome the issue of growing it in vero cells


flight to quality market, we would have seen more price stability, tighter spreads

flight to quality market we would have seen more price stability tighter spreads


I know you mentioned that the -- that one large credit was energy-related. Are there any other energy

i know you mentioned that the -- that one large credit was energy related are there any other energy


that we took on October 15. So in the third quarter, we have 30 days

that we took on october 15 so in the third quarter we have 30 days


driving consistent and sustainable sales growth and improving our operating results.


We are very encouraged by this award and the associated support.

end of code we are very encouraged by this award and the associated support


I do not want to say that they don't care about numbers. They do, but it's not just the number on the scale.

i do not want to say that they don't care about numbers they do but it's not just the number on the scale


announced some time ago and is now commissioned and moving a lot of water.


Well, I think that we've certainly got the fairway

well i think that we've certainly got the fairway


The decrease between years related mainly to the 3 noncash charges I've just discussed.

the decrease between years related mainly to the 3 noncash charges i've just discussed


to prior year, as modest rate declines were more than offset by new business opportunities.

to prior year as modest rate declines were more than offset by new business opportunities


we've done everything we can from a science perspective


or the Washington Capital Stanley Cup champion to make dedicated products for a given event

or the washington capitals stanley cup champion to make dedicated product for a given event


Puerto Rico will begin to improve but slowly and towards the end of the year.

puerto rico will begin to improve but slowly and towards the end of the year


by tightly integrating our computing, storage and virtualization resources.

by tightly integrating our computing storage and virtualization resources


And so the plan that we put in place are to get us at that point

and so the plans that we put in place are to get us at that point


Bear in mind that this is something that we started to evaluate well before tax reform seemed imminent.

bear in mind that this is something that we started to evaluate well before tax reform seemed imminent


in terms of revenue per quarter, we're not going to break out the growth rates by quarter, either.

in terms of revenue per quarter we're not going to break out the growth rates by quarter either


a company committed to providing our communities with connectivity that enriches their world.


We have been looking to multiple files in the past and

we have been looking to multiple files in the past and


overall and hopefully put ourselves in a position to have multiple -- potential alternatives


and second half prior year comparables that were positively impacted by the improving market.


So far, I haven't delivered anything yet in Taiwan, but I will try my best

so far i haven't delivered anything yet in taiwan but i will try my best


intensifying our actions in terms of development CapEx. It might add

intensifying our actions in terms of development capex it might add a


But we're certainly watching them and certainly continue to develop to be more competitive, even within those price points.

but we're certainly watching them and certainly continue to develop to be more competitive even within those price points


and the milestones you guys are tracking to figure out whether that makes sense?


The most important development start is King Toronto, which Hugh will discuss shortly.

the most important development start is king toronto which hugh will discuss shortly


quite a lot and we've been maintaining that reduction steady since the end of last year.


and position us for our longer-term success and move us toward our greater vision.


And like all of our other shops in Spain, we will run Madrid directly ourselves.

and like all of our other shops in spain we will run madrid directly ourselves


potential IPO, your optionality around that and what you think

potential ipo your optionality around that and what you think


I talk to our customers regularly and make certain that our team is on the right track.

i talk to our customers regularly and make certain that our team is on the right track


Understandably, the Department of Labor's fiduciary rule has triggered a number of questions from investors.

understandably the department of labor's fiduciary rule has triggered a number of questions from investors


And I've really got 2 choices that we're thinking about. One is we squeeze it in before the end of the year.

and i've really got 2 choices that we're thinking about one is we squeeze it in before the end of the year


And then just looking further ahead. I know you said you'll elaborate more, but maybe just give us

and then just looking further ahead i know you said you'll elaborate more but maybe just give us


Over the course of the year, we've also accelerated returns to our shareholders.

over the course of the year we've also accelerated returns to our shareholders


partners closely with our operations team to drive operational and financial excellence.


other tissues. We have not been doing work internally in the neuro space,

other tissues we have not been doing work internally in the neuro space


If for some reason it doesn't sell, then we will just clear that stock, we've given them no volume commitment.

if for some reason it doesn't sell then we will just clear that stock we've given them no volume commitment


and as you know over the last 3 years Fleetwood has been substantially restructured.

and as you know over the last 3 years fleetwood has been substantially restructured


when you're growing rapidly, it will take cash to be able to grow it,

when you're growing rapidly it will take cash to be able to grow it


As we continued our conversations with hospital systems CEOs from around the country,

as we continued our conversations with hospital system ceos from around the country


It did look really crowded for a while with a lot of money flowing in and not always smart money.

it did look really crowded for a while with a lot of money flowing in and not always smart money


to allow educators to begin their customer journey with us through their desired channel


including better traction on presales and using price to carefully manage pace.


material changes in any certain regions or just any color there would be great?


We believe that magicJack for Business represents another new organic revenue stream

we believe that magicjack for business represents another new organic revenue stream


in previous years there had been a point where you had gotten to a certain level,


we look forward to having some things to share with you probably as we move into the net fiscal year. So

we look forward to having some things to share with you probably as we move into the next fiscal year so


the power of premium has placed us among the low-cost producers in the global oil market.


continues to increase in its appeal, and so we've invested last year in both

continues to increase in its appeal and so we've invested last year in both


While OSB continues to be the largest revenue contributor on a consolidated basis

while osb continues to be the largest revenue contributor on a consolidated basis


technology group, really focused around beyond the investment horizon of our businesses,

technology group really focused around beyond the investment horizon of our businesses


is there a scenario next quarter or the coming quarters where

is there a scenario next quarter or in the coming quarters where


This knowledge of the market has been a key factor in our successful underwriting over the years

this knowledge of the market has been a key factor in our successful underwriting over the years


with distressed whole loans decreasing over time and CRT investments increasing.

with distressed whole loans decreasing over time and crt investments increasing


just to show the progress on the modernization of the entire portfolio and the speed


Now I will speak to segment results, starting with Health Services.

now i will speak to segment results starting with health services


one of the big strategic issues that we have on the table this year.


I was under the impression that body cameras would obsolete the need for in-car cameras.

i was under the impression that body cameras would obsolete the need for in-car cameras


As a reminder, we began recognition of service revenue in the month following the shipment of the camera.

as a reminder we began recognition of service revenue in the month following the shipment of the camera


Well, Frank, that's a reference to the fact that we did see strong volumes with that client in the quarter,

well frank that's a reference to the fact that we did see strong volumes with that client in the quarter


and getting the project over the goal line for final design and implementation. So

in getting the project over the goal line for final design and implementation so


from restriking existing hedges, which as you know, we've been successfully doing throughout the year.

from re-striking existing hedges which as you know we've been successfully doing throughout the year


continuously trying to drive down our cost structure to have the lowest possible cost structure. So I think

continuously trying to drive down our cost structure to have the lowest possible cost structure so i think


So if the markets go where we think the markets go and with our position in the marketplace,

so if the markets go where we think the markets go and with our position in the marketplace


The decrease primarily reflects reductions in litigation costs

the decrease primarily reflects reductions in litigation costs


Looking ahead, there are a number of important inflection points on the horizon.

looking ahead there are a number of important inflection points on the horizon


And so we won't pursue anything that doesn't meet our internal ROA targets. So

and so we won't pursue anything that doesn't meet our internal roa targets so


And David's right, the plan -- we have put plans in place to mitigate that trend,

and david's right the plan -- we have put plans in place to mitigate that trend


Now let me turn the call over to Tom for the details on the quarter's results. Thanks, Steve, and good morning, everyone.

now let me turn the call over to tom for the details on the quarter's results thanks steve and good morning everyone


In the future, we will continue


to improve our service efficiency and operation capability. At the same time,

to improve our service efficiency and operation capability at the same time


country political risk is certainly a factor in these projects.


that is useful to understand the consumption trends that our customers have.


Below the line, while we expect a lower share count to provide a modest benefit,

below the line while we expect a lower share count to provide a modest benefit


Overall, we expect the drivers of our margin expansion to be similar to last year.

overall we expect the drivers of our margin expansion to be similar to last year


This is entirely consistent with the operating efficiency and the cost of operating that we saw

this is entirely consistent with the operating efficiency and the cost of operating that we saw


Okay. And is this like a couple of year process to do all that stuff and

okay and is this like a couple of year process to do all that stuff


even exceeded the very strong comparable base of the previous year.


one of the reasons we wanted to do the deal was because we were already working with them and partnering with them


from buying back equity. So that clearly was a factor entering into our decisions.

from buying back equity so that clearly was a factor entering into our decisions


Earlier this afternoon, we issued a press release providing an update on the company's product development programs

earlier this afternoon we issued a press release providing an update on the company's product development programs


with the way that we are investing, the way that we are scrutinizing it, the places that we

with the way that we are investing the way that we are scrutinizing it the places that we


we hold at that level such that we can sustain it through a level of cyclical stress.


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


contributing to a doubling of our total silicon germanium capacity at the end of the first phase qualification

contributing to a doubling of our total silicon-germanium capacity at the end of the first phase qualification


Our guidance regarding capital allocation assumes continuation of our share repurchase program

our guidance regarding capital allocation assumes continuation of our share repurchase program


All of these market trends point to customer needs that can be well served by Waters' core technologies

all of these market trends point to customer needs that can be well served by water's core technologies


We also made further progress during the year in building out and expanding our capabilities for larger industrial generators,

we also made further progress during the year in building out and expanding our capabilities for larger industrial generators


Our key priority is to convert the investments into revenue growth

our key priority is to convert the investments into revenue growth


with 6% organic growth and record operating margin levels that expanded 70 basis points


we are confident in our ability to offset these headwinds through new sources of growth,


And I will also say, my expectation for Alpha in the first

and i will also say my expectation for alpha in the first


I think they're not done yet. We -- I would expect,

i think they're not done yet we -- i would expect


There have been a lot of discussions about the challenges of the South Africa projects in previous quarters.

there have been a lot of discussions about the challenges of the south africa projects in previous quarters


We are on a journey to excellence, and we have defined excellence on operational terms across the business.

we are on a journey to excellence and we have defined excellence in operational terms across the business


Third, we will continue to aggressively pursue the transactional activity within the global capital markets.

third we will continue to aggressively pursue the transactional activity within the global capital markets


We remain focused on driving further improvement as we move forward.

we remain focused on driving further improvement as we move forward


We will now raise the goal to collect 50 million pledges.

we will now raise the goal to collect 50 million pledges


These are the things that will help us further scale our marketplace and capitalize on the vast opportunity in local,

these are the things that will help us further scale our marketplace and capitalize on the vast opportunity in local


We believe in the power of our value enhancement programs enabling our businesses to reach their full potential.

we believe in the power of our value enhancement programs enabling our businesses to reach their full potential


The company is devoted to cutting costs to remain competitive. We will leave no stone unturned.

the company is devoted to cutting costs to remain competitive we will leave no stone unturned


specifies or prescribes more how to recognize revenue. It doesn't change our revenues very much.

specifies or prescribes more how to recognize revenue it doesn't change our revenues very much


the dynamics between volume and pricing and kind of


any color on where you think the controlled substance designation will shake out?


that we have uploaded to our website together with the earnings release and which is being webcast as we speak.


And Mark, I think that concludes the call from our side.

and mark i think that concludes the call from our side


An integrated asset team is in place to manage these newly acquired properties.

an integrated asset team is in place to manage these newly acquired properties


This in part reflected our ability to put the proceeds from our July equity offering to work accretively. We

this in part reflected our ability to put the proceeds from our july equity offering to work accretively


to make sure that these people understand that they deliver value to customers


We look forward to sharing more detail about our progress when we're together at our investor conference in May.

we look forward to sharing more detail about our progress when we are together at our investor conference in may


they actually pull better and testing by with some pilot units

they actually pull better and testing by -- with some pilot units


which is also accompanied by an increase in frac fluid, so the wells take a little longer to clean up.

which is also accompanied by an increase in frac fluid so the wells take a little longer to clean up


We take steps to mitigate that, and we started doing that even with the hybrids by loading

we take steps to mitigate that and we started doing that even with the hybrids by loading


So using this royalty income, the partnership paid administrative expenses

so using this royalty income the partnership pays administrative expenses


was a business -- one of the businesses that was beginning to show challenges. But as you can see in your own charts,

was a business one of the businesses that was beginning to show challenges but as you can see in your own charts


and that was a business that we always intended to divest even when we bought it.


I know the fundamental challenge or issue we're trying to address, which is how do you help an enterprise

i know the fundamental challenge or issue we're trying to address which is how do you help an enterprise


And while ServiceNow has done a nice start with our Service Portal, there's ample opportunity

and while servicenow has done a nice start with our service portal there's ample opportunity


In both many of our businesses, I'd say, more than anything are really tied to industrial production.

in both many of our businesses i'd say more than anything are really tied to industrial production


So the underlying price moves pretty closely with spot,

so the underlying price moves pretty closely with spot


Right. If you think about our plastic molding solutions as we refer to it now,

right if you think about our plastic molding solutions as we refer to it now


So in any event, I think it was maybe a little bit of distraction for some DOTs early in the year. I think we felt that

so in any event i think it was maybe a little bit of a distraction to some dot's early in the year i think we felt that


where we saw the results and how those play through into CCAR so we had a good understanding of the kind of the

where we saw the results and how those played through into ccar so we had a good understanding of the kind of the


on revenue as I get that and then real commitments on the expenses

on revenue as i get that and then real commitments on the expenses


we'll maintain our pretty conservative position to be fully hedged as we move our program forward.


enabling the combined entity to provide an enhanced level of service to our clients.


and we continue to identify areas for further efficiency gains and cost reductions.


and extended competitive advantage. So it's going to be a pretty simple story going forward.

and extended competitive advantage so it's going to be a pretty simple story going forward


On last year's fourth quarter earnings call, we shared that dry conditions in California

on last year's fourth quarter earnings call we shared that dry conditions in california


on the capital that we're putting to work. And importantly, I think we're also creating a lot of

on the capital that we're putting to work and importantly i think we're also creating a lot of


And now if we take a look at Konecranes as a stand-alone company, so what we have been doing is that we have

and now if we take a look at konecranes as a standalone company so what we have been doing is that we have


And then obviously, the second criteria is the quality, and what we've seen is that not everything that is big is beautiful.

and then obviously the second criteria is the quality and what we've seen is that not everything that is big is beautiful


Thank you to the entire Surmodics team for your hard work and outstanding results.

thank you to the entire spermotex team for your hard work and outstanding results


They're chasing the sales line, and they know that we're going to be there for them in the event that they take too much risk. So

they're chasing the sales line and they know that we're going to be there for them in the event that they take too much risk so


to unapproved change orders, which has been a focal point for many investors in recent quarters.

to unapproved change orders which has been a focal point for many investors in recent quarters


Fast-forward through several acquisitions and extensive management and operational improvements

fast forward through several acquisitions and extensive management and operational improvements


Yes. Salvator, I'll just point you to our track record with the Alabama rebuild.

yes alvaro i'll just point you to our track record with the alabama rebuild


right now, there's no expectation of any change in ownership among that group

right now there's no expectation of any change in ownership among that group


We are making good progress in resetting our commercial terms for key clients post removal of rebates. We

we're making good progress in resetting our commercial terms for key clients post removal of rebates


You referenced pricing in '18 and sort of not being terribly different from where it was in the first quarter.

you referenced pricing in '18 and sort of not being terribly different from where it was in the first quarter


The investment to increase our First Defense liquid processing capacity

the investment to increase our first defense liquid processing capacity


On the other hand, we are ready to support that business with steel grades, which will make a difference in the future

on the other hand we are ready to support that business with c grades which will make a difference in the future


primarily temporary production personnel, once we saw that market conditions were weakening.

primarily temporary production personnel once we saw that market conditions were weakening


for 5 engines to power buses in Palm Desert, and those engines were shipped last year.

for 5 engines to power buses in palm desert and those engines were shipped last year


I think there's going to be a lot of conversation about cost-out execution

i think there's going to be a lot of conversation about cost out execution


our oil rate is growing, our EBITDA is growing, LOE is continuing to work lower

our oil rate is growing our ebitda is growing loe is continuing to work lower


public Internet. And as a result, it's very, very attractive to some of the

public internet and as a result it's very very attractive to some of the


As I mentioned, the studies are moving forward rapidly, so we should have robust datasets at that time.

as i mentioned the studies are moving forward rapidly so we should have robust data sets at that time


And we've also done some work on revisiting our menu psychology, making sure the menus are laid out in the optimum way.

and we've also done some work on revisiting our menu psychology making sure the menus are laid out in the optimum way


As part of our new office project, we will implement a major accounting technology upgrade.

as part of our new office project we will implement a major accounting technology upgrade


New accounting rules will require publicly traded companies to capitalize leases on their balance sheet as debt.

new accounting rules will require publicly traded companies to capitalize leases on their balance sheet as debt


This new path requires that we make important choices in terms of our talent across the company,

this new path requires that we make important choices in terms of our talent across the company


So what you're seeing is the tail of those deals being closed off

so what you're seeing is the tail of those deals being closed off


give us confidence, we continue to face a challenging driver environment.

give us confidence we continue to face a challenging driver environment


interactions with our customers on the bids, there seems to be

interactions with our customers on the bids there seems to be


things that are somewhat difficult to avoid to keep a project on track and on time.


although continuous growth is expected on quantity basis.


I don't know that it ever goes from maintenance -- from build to maintenance,

i don't know that it ever goes from maintenance -- from build to maintenance


and the embedded operating system that we deliver as part of PCF is preconfigured to those standards.

and the embedded operating system that we deliver as part of pcf is preconfigured to those standards


lower end of the quality spectrum and whether that be tertiary or secondary market or just a poorer asset,

lower end of the quality spectrum and whether that be tertiary or secondary markets or just a poor asset


of over-a-period-of-time averaging so that you can show comfort to the reader that your reserve is in line.

over a period of time averaging so that you can show comfort to the reader that your reserve is in line


At the bottom of the page is Slide 10, System Platforms.

at the bottom of the page is slide 10 system platforms


mostly on the back of the goodwill from the BackWerk acquisition, which is now

mostly on the back of the goodwill from the bachwerk acquisition which is now


And if you think that you are going to need to increase provisions to this clients in the future.

and if you think that you are going to need to increase provisions to this client in the future


Yes. We're currently trying to figure out a way to do a 9-day week.

yes we're currently trying to figure out a way to do a 9-day week


we may build for a specified contracted amount of term contracts


which could cause future results to differ materially from those expressed in or implied by our comments.


in framework for all the reasons that we've talked about previously, and I would expect us to be

in framework for all the reasons that we've talked about previously and i would expect us to be


with respect to digital and what that means to their ability to market to consumers. And a lot of

with respect to digital and what that means to their ability to market to consumers and a lot of


as to the type of what's in the bid, what's not in the bid. And what we really want to do

as to the type of what's in the bid what's not in the bid and what we really want to do


but believe that meaningful opportunities still lie ahead of us. Over the last 5 years,

but believe that meaningful opportunities still lie ahead of us over the last 5 years


offering business customers the freedom and flexibility of the latest cloud-based virtual PBX technology.

offering business customers the freedom and flexibility of the latest cloud-based virtual pdx technology


In today's market, we must be able to create value outside of just the purchase multiples in these acquisitions.

in today's market we must be able to create value outside of just the purchase multiples in these acquisitions


So at this point, I'd like to hand over to Onno to start the talk of the prepared remarks.

so at this point i'd like to hand over to ono to start the talk of the prepared remarks


I'm wondering if you can kind of highlight how you think about redevelopment of existing building versus

i'm wondering if you can kind of highlight how you think about redevelopment of an existing building versus


Now I'd like to spend a couple of minutes revisiting some of the key aspects of our business.

now i'd like to spend a couple of minutes revisiting some of the key aspects of our business


Our cash taxes are relatively stable. So I don't see any major headwinds in there.

our cash taxes are relatively stable so i don't see any major headwinds in there


address existing customers with those new products, and hope to be able to sell into

address existing customers with those new products and hope to be able to sell into


on higher organic sales, favorable mix and the lower effective tax rate.

on higher organic sales favorable mix and the lower effective tax rate


but also what was considered to be some economically driven pickup in Western Europe as well.

but also what was considered to be some economically driven pickup in western europe as well


to what our audience share of viewing is compared to what our share of subscriber revenues are,


In Australia and New Zealand, we introduced our first ever Formula 1 Select product.

in australia and new zealand we introduced our first ever formula one select product


And I believe that was my last slide. Thank you very much.

and i believe that was my last slide thank you very much


for those companies. And yet, there just seems to be this disconnect between

for those companies and yet there just seems to be this disconnect between


This tool increases efficiency, reduces costs and substantially improves the client experience.

this tool increases efficiency reduces costs and substantially improves the client experience


but nevertheless because of -- we try to maintain the

but nevertheless because of we try to maintain the


I believe an interesting package of technologies that are around

i believe an interesting package of technologies that are around


It's probably our best -- not probably, it's our best sponsor in the entire portfolio.

it's probably our best sponsor -- not probably it's our best sponsor in the entire portfolio


Private equity and institutional capital have entered the single-family rental market over the past several years,

private equity and institutional capital have entered the single-family rental market over the past several years


Well, I think it was just timing. A lot of this stuff came on right at the end of the quarter,

no i think it was just timing a lot of this stuff came on right at the end of the quarter


On the cost front, one concern has been the rising price of milk ingredients.

on the cost front one concern has been the rising price of milk ingredients


I think our volume of testing is not related in the Product sector, which is the majority of our earnings,

i think our volume of testing is not related in the product sector which is the majority of earnings


which is a modest lowering of the bottom end of the range and a tightening of the entire range.


they were able to find that higher wage rate in a relatively quick time given the market conditions that


what percentage of your capital markets business is in office versus other property types?


maybe it is related to the NIM contraction. And if we will see

maybe it is related to the nim contraction and if we will see


which is the measurement of our investment properties,


along with a superior service and system support.

along with his superior service and system support


on the origination front. And I appreciate all the color, and I recall how

on the origination front and i appreciate all the color and i recall how


Our initial objective is to assess the clinic, detail the therapeutic and take an order.

our initial objective is to assess the clinic detail the therapeutic and take an order


This is what we mean when we talk about our real estate providing us financial flexibility.

this is what we mean when we talk about our real estate providing us financial flexibility


The increase in insurance commission revenue compared to the second quarter of last year was driven primarily

the increase in insurance commission revenue compared to the second quarter of last year was driven primarily


Our sales mix was strong during the quarter, with several factors driving our performance.

our sales mix was strong during the quarter with several factors driving our performance


estimates of what we think will happen in the next year. We look at them

estimates of what we think will happen in the next year we look at them


And the third one would, obviously, be continuing to deploy our financial assistance or transition assistance

and a third one would obviously be continuing to deploy financial assistance or transition assistance


And so we think we can meet the target of supply of gas by

and so we think we can meet the target of supply of gas by


And we expect the fourth quarter to have the largest year-on-year core tax rate benefit.

and we expect the fourth quarter to have the largest year-on-year core tax rate benefit


I'll give you one example that we have made public as well together with the European Space Agency. We are providing a very

give you one example that we have made public as well together with european space agency we are providing a very


We're also starting to see better results in our private brands as our speed initiatives take hold.

we're also starting to see better results in our private brands as our speed initiatives take hold


smart home devices that are connected to the Internet and new consumer wireless devices.

smart home devices that are connected to the internet and new consumer wireless devices


Cash flows from PMT's existing investment portfolio remain strong,

cash flows from pmt's existing investment portfolio remain strong


what was your previous revenue expectation for the HAAS contract for

what was your previous revenue expectation for the haas contract for


basically a function of capacity. I mean, there's a hell of a lot of capacity on that sector.

basically a function of capacity i mean there's a hell of a lot of capacity on that sector


that we have reached out to, and we have opportunities under our right of first refusal.

that we have reached out to and we have opportunities under our right of first refusal


Thank you very much. That's a tough one because it depends on a couple of things.

thank you very much that's a tough one because it depends on a couple of things


products that we run on different types of equipment that we can run more efficiently,


increased from the prior quarter and year-ago quarter due to the larger contribution to the charitable foundation.


Together, we see these offerings more than doubling the potential value of each customer seat.

together we see these offerings more than doubling the potential value of each customer seat


Okay. It just seems a little more severe than in previous years, the sequential

okay it just seems a little more severe than in previous years the sequential


Specifically, we received a CHMP positive opinion

specifically we received a chmp positive opinion


I mean, if you're trying to kind of highlight the shift in the business, I mean, that would be a great way to do it, certainly.

i mean if you're trying to kind of highlight the shift in the business i mean that would be a great way to do it certainly


particularly from a lumber perspective and the question comes back as how much of that can you get back in the market through pricing?

particularly from a lumber perspective and the question comes back because how much of that can you get back in the market through pricing


in the past, we had marketed to a range of customers using FICO as a proxy

in the past we had marketed to a range of customers using fico as a proxy


The telecom cost reduction resulted from a negotiated credit with the vendor.

the telecom cost reduction resulted from a negotiated credit with the vendor


as well as the benefit of the reversal of a previously established tax reserve.


in the whole world. In Fosun Fashion


and it's not a sales tool or anything, but we make every

and it's not a sales tool or anything but we make every


market is higher price. So on the margin side,

market is higher price so on the margin side


We saw strong construction activity and good demand for our rental equipment throughout our network of branches,

we saw strong construction activity and good demand for our rental equipment throughout our network of branches


So that concludes my prepared remarks. Now I would like to pass it over to the operator so we can address your questions.

so that concludes my prepared remarks now i would like to pass it over to the operator so we can address your questions


And it also shows the investment agility that our model allows us. The

and it also shows the investment agility that our model allows us


We intend to focus on our cost strategies to grow our commercial business,

we intend to focus on our core strategies to grow our commercial business


These 2 events should continue to enhance our real estate revenues going forward.

these 2 events should continue to enhance our real estate revenues going forward


to enhance operations and reduce expenses surrounding the delayed DEXTENZA launch,

to enhance operations and reduce expenses surrounding the delayed dextenza launch


The other main issue is we've been hoping that MRO would recover throughout this year,

the other main issue is we've been hoping that mro would recover throughout this year


After a good second quarter, we did see overall Infrastructure sales decline modestly in the third quarter.

after a good second quarter we did see overall infrastructure sales decline modestly in the third quarter


We ended the year with a strong cash position and no debt, having repaid

we ended the year with a strong cash position and no debt having repaid our


In our more traditional trailer space, we continue to believe that molded structural composite technology

in our more traditional trailer space we continue to believe that molded structural composite technology


We continue to support our solid operating performance with a very strong capital position.

we continue to support our solid operating performance with a very strong capital position


Forestry spending in the South is expected to increase, which is typical coming into the spring.

forestry spending in the south is expected to increase which is typical coming into the spring


in being that way, as we do. I think there are a lot of similarities in the companies

in being that way as we do i think there are a lot of similarities in the companies


a lot of what's being done between the 2 organizations is being driven by


These headcount reductions have not and will not adversely impact revenue.

these headcount reductions have not and will not adversely impact revenues


that's ultimately what helps us continue to win in that space.


the profitability of a pure retail franchise away from the larger institutional books.


in order to identify a dose that would be expected to deliver a therapeutic exposure level


Recruiting rather than retail sales is the natural focus of successful participants in defendant's business opportunity.

recruiting rather than retail sales is the natural focus of successful participants in defendant's business opportunity


a strategy which we believe is serving both Cable ONE customers and our shareholders well.

a strategy which we believe is serving both cable one customers and our shareholders well


forcing them to buy further out in the suburbs or target more affordable property types such as condos.


We appreciate the open and constructive dialogue we have had with our shareholders.

we appreciate the open and constructive dialogue we have had with our shareholders


cycle has at least a couple more years, if not more. But one of the things that I would note

this cycle has at least a couple more years if not more but one of the things that i would know


And in addition to that, there is a possibility that some assets will come

and in addition to that there is a possibility that some assets will come


and that they are not currently planning to hold an advisory committee meeting as part of their review process.


with the best product knowledge, sales expertise and tools to enhance the customer experience.

with the best product knowledge sales expertise and tools to enhance the customer experience


This has enhanced our ability to source product, and I believe we'll continue to improve.

this has enhanced our ability to source product and i believe we'll continue to improve


And then on the effective tax rate


In terms of market presence, a bigger fleet can provide more flexibility.

in terms of market presence a bigger fleet can provide more flexibility


and we see a clear path to the upper half of our EBIT guidance.

and we see a clear path to the upper half of our ebit guidance


tied to foreign currency movements such that our EPS guidance remains unchanged for the year.

tied to foreign currency movements such that our eps guidance remains unchanged for the year


to competing pipelines. We also offer much greater market flexibility than our competitors.

to competing pipelines we also offer much greater market flexibility than our competitors


Our dynamic hedging strategies, along with a commitment to maintaining moderate leverage and a strong balance sheet,

our dynamic hedging strategies along with a commitment to maintaining moderate leverage and a strong balance sheet


with rising rents and steady demand from existing customers and new prospects.


Have you already leveraged the acquired team to promote the new product and what have you done

have you already leveraged the acquired team to promote the new product and what have you done


As always, our guidance does not assume any future acquisitions or greenfield store openings.

as always our guidance does not assume any future acquisitions or greenfield store openings


isn't really going to have a dramatic effect. I think the bigger question is what have we seen since then.

isn't really going to have a dramatic effect i think the bigger question is what have we seen since then


which is more representative of the earnings of each business on a stand-alone basis.


Now as I did last quarter, I plan to spend some time going over the numbers themselves

now as i did last quarter i plan to spend some time going over the numbers themselves


Revenues in business continued to be impacted by rationalization in traditional fixed services

revenues in business continued to be impacted by rationalization in traditional fixed services


As a result, we continue to be very competitive in our media share of voice.

as a result we continue to be very competitive in our media share of voice


slow down a fair bit from an order entry perspective and so we're factored in sort of our historical

slow down a fair bit from an order entry perspective and so we're factoring in sort of our historical


We value the firm based on free cash flow and allocate capital to maximize free cash flow returns.

we value the firm based on free cash flow and allocate capital to maximize free cash flow returns


which delayed construction activity and therefore the use of many of our product offerings.


peg the right point of how do you offset that with a combination of cost out and


Another highlight that I'd like to mention is the construction of Montana Unit 4. It remains on schedule,

another highlight that i'd like to mention is the construction of montana unit 4 it remains on schedule


in land development drilling work for both PEMEX and a number of local operators due to the absence

in land development drilling work for both pemex and a number of local operators due to the absence


Well the fourth quarter results were impacted by several things, slightly lower gaming volumes,

while the fourth quarter results were impacted by several things slightly lower gaming volumes


in terms of outlook, look, we maintain our outlook for the year

in terms of outlook look we maintain our outlook for the year


The first half of this year has been another profitable period for Bank of Ireland.

the first half of this year has been another profitable period for bank of ireland


And you might view that as our investment into client loyalty

and you might view that as our investment into client loyalty


During the last several months, we won multiple new mandates for both contingent staffing and direct hire programs

during the last several months we won multiple new mandates for both contingent staffing and direct hire programs


If I look at the distribution of free cash flow this year, it's kind of second half weighted because we're spending

if i look at the distribution of free cash flow this year it's kind of second half weighted because we're spending


assumes sequential expansion of our operating margin in the Manufacturing and DSA segments.

assumes sequential expansion of our operating margin in the manufacturing and dsa segments


and a lot of the product that we're seeing on the Senior Housing side is not stabilized product.

and a lot of the product that we're seeing on the senior housing side is not stabilized product


In addition, with improving domestic activity, software sales should benefit in the second quarter.

in addition with improving domestic activity software sales should benefit in the second quarter


The quarter was highlighted by strong earnings, margin expansion and improved efficiency

the quarter was highlighted by strong earnings margin expansion and improved efficiency


so a couple of things. Obviously, we've continued to be active and will continue to be in the supply chain,

so a couple of things obviously we've continued to be active and we'll continue to be in the supply chain


The profit growth and higher margins over the last few quarters are very encouraging signs.

the profit growth and higher margins over the last few quarters are very encouraging signs


Project execution, of course, we are fully focused on delivering on the projects that we have

project execution of course we are fully focused on delivering on the projects that we have


optimal outcome is for those. And that sort of plays into the first question you had about do we term out

the optimal outcome is for those and that sort of plays into the first question you had about do we term out


I'd note is that we dealt with a lot of the bottom of the portfolio,

i'd note is that we dealt with a lot of the bottom of the portfolio


I don't want to say concentrated nature of the securities license reps, but it's a relatively

i don't want to say concentrated nature of the securities license reps but it's a relatively


which offset some weakness in Latin America and Central and Eastern Europe.

which offset some weakness in latin america and central and eastern europe


And lastly, the additional contribution margin that we'll pick up from 13 additional production days.

and lastly the additional contribution margin that we'll pick up from 13 additional production days


and also available by telephone at the replay number noted on our release.


And most recently, we took a big step in helping brands with augmented reality.

and most recently we took a big step in helping brands with augmented reality


and I think that is very important because I think we have still a lot of work to do to educate the market

and i think that is very important because i think we have still a lot of work to do to educate the market


So this is what we see. This is very early days. The label is in line with what we did assume.

so this is what we see this is the very early days the label is in line with what we did assume


We have always been proud of the fact that being a sales associate at The Tile Shop is not like other retail jobs.

we have always been proud of the fact that being a sales associate at the tile shop is not like other retail jobs


Flights handled again includes Hong Kong and Singapore

flights handled again includes hong kong and singapore


looking forward to the future and the opportunities that are in front of us. So we expect these things

really looking forward to the future and the opportunities that are in front of us so we expect these things


for the fourth quarter holiday selling season and the additional revenue from the delayed third quarter shipments.


The second question that I would like to ask you is that if you look at your second quarter overall

the second question that i would like to ask you is that if you look at your second quarter overall


Our platforms are well ahead of what's there now. And I think we could make a difference.

our platforms are well ahead of what's there now and i think we can make a difference


So it's been too high. Some of the actions we've taken are really

so it's been too high some of the actions we've taken are really


if not, will most of the cost to come out be in the COGS line?

if not will most of the costs that come out be in the cogs line


We set ourselves the objective based on the remittance ratio, that is quite high,

we set ourselves the objective based on a remittance ratio that is quite high


Our safety and operating performance continue to be strong.

our safety and operating performance continue to be strong


We're off to a strong start on our initiative to increase sales capacity.

we are off to a strong start on our initiative to increase sales capacity


and making it very easy for consumers to shop either online or in a store.

and making it very easy for consumers to shop either online or in-store


In our banking with enterprises, we continue to focus in all products and services

in our banking with enterprises we continue to focus in all products and services


I would like to turn the conference back over to Darcey Matthews for closing comments.

i would like to turn the conference back over to darcy matthews for closing comments


at least on that order of magnitude to develop the same amount of reserves. So if we peek back to

at least on that order of magnitude to develop the same amount of reserves so if we think back to


But in no way are we satisfied. There's still more work to do and we are dedicated to making this happen.

but in no way are we satisfied there's still more work to do and we are dedicated to making this happen


we're pretty comfortable where we're getting to now and in the knowledge of the ore body. Now

we're pretty comfortable where we're getting to now and in the knowledge of the o-body


At the conclusion of our report, there will be an opportunity for you to ask any questions you may have.

at the conclusion of our report there will be an opportunity for you to ask any questions you may have


is the -- would you say the legal environment is more challenging today than maybe 2, 3 years ago?

is the -- would you say the legal environment is more challenging today than maybe 2 3 years ago


Including the market value of our equity investment in Ashford Inc., we ended the quarter with net working capital

including the market value of our equity investment in ashford inc we ended the quarter with net working capital


We continue to look at ideas to monetize those assets, but one of the

we continue to look at ideas to monetize those assets but one of the


And because of this, what do you see are prebuying and where you see the scrappage will come

and because of this what do you see a pre-buying and where you see the scrapage will come


But I would like to highlight our performance as for

but i would like to highlight our performance as for